America's mountain of car loan debt is getting higher. A Finder analysis of Federal Reserve Bank of New York data found that Americans accumulated $568.6 billion in auto loans by the end of 2017. Last year, the average amount borrowed for a new car was $31,099 or $515 a month while a used car required a loan of $21,375, or $398 a month.
Banks are the top choice for auto loans and last year, they reported $368 billion in open car loans. Putting that into perspective, it's equal to the cost of 4.9 million Model S Teslas. The total active loan amount across all U.S. lenders in 2017 was $1.129 trillion.
44 percent of Americans rely on a car loan to finance a vehicle purchase. As the following infographic shows, the total number of car loan accounts is soaring nationwide, hitting 108.66 million by 2017. Auto loans now account for 9.28 percent of U.S. debt. Mortgages are still top, making up 67.63 percent while student loans account for 10.5 percent.
FAQ
- The Statista "Chart of the Day", made available under the Creative Commons License CC BY-ND 3.0, may be used and displayed without charge by all commercial and non-commercial websites. Use is, however, only permitted with proper attribution to Statista. When publishing one of these graphics, please include a backlink to the respective infographic URL. More Information
- The Statista "Chart of the Day" currently focuses on two sectors: "Media and Technology", updated daily and featuring the latest statistics from the media, internet, telecommunications and consumer electronics industries; and "Economy and Society", which current data from the United States and around the world relating to economic and political issues as well as sports and entertainment.
- For individual content and infographics in your Corporate Design, please visit our agency website www.statista.design
Any more questions?
Get in touch with us quickly and easily.
We are happy to help!
Do you still have questions?
Feel free to contact us anytime using our contact form or visit our FAQ page.
Your contact to the Infographics Newsroom
Statista Content & Design
Need infographics, animated videos, presentations, data research or social media charts?